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  "documentTitle": "Apollo Global Management | Results Presentation Deck | 41 slides",
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  "authorName": "Apollo Global Management",
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  "presentationDate": "2023-05-01 00:00:00",
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  "notes": "Includes retrospective adjustments for LDTI accounting standards.",
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      "text": "Note: 2022 amounts for Spread Related Earnings have been retrospectively adjusted in accordance with the requirements of the adoption guidance of the accounting standard relating to LDTI. 1. Athene issued $400 million of 6.65% senior unsecured debt on November 21, 2022 and $500 million of fixed-rate reset preferred stock on December 12, 2022 with initial dividend paid on March 30, 2023. 2. Other notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 3. Spread Related Earnings – Normalized and Normalized Net Spread reflect adjustments to exclude notable items and normalize alternative income to an 11% long-term return.",
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      "text": "Spread related earnings increased 2% year-over-year in the first quarter despite less appreciation within the alternatives portfolio, which returned 6.1% on an annualized basis versus 16.6% in the first quarter of 2022.\nAdjusting for other notable items and a normalized alternative investment return, normalized SRE grew 55% year-over-year driven by solid growth in net invested assets and greater net spread, which expanded due to increasing floating rate income and continued profitable growth of the business",
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